can any one gift cash 10 crore to his friend? what will be the procedure of gifting money?
Asked in Civil Law from kolkata, West Bengal
You can't gift the money to your friend.......
what is source of your funds ? is cash declared in income tax returns . ?you cant make payment of more than Rs 20,000 by cash .
you can gift ,but your friend will have to pay gift tax on that amount
Advocate, New Delhi
You may make the gift, but it will be liable to gift tax. Furthermore, the same shall have to be reflected in your income tax returns.